Local religious norms, corporate social responsibility, and firm value

• Published in: Journal of banking & finance Vol. 100; pp. 218 - 233
• Main Authors: Zolotoy, Leon, O'Sullivan, Don, Chen, Yangyang
• Format: Journal Article
• Language: English
• Published: Elsevier B.V 01.03.2019
• Subjects: Corporate social responsibility; Firm value; Insurance; Local religious norms; M14; Corporate social responsibility; Firm value; G30; Insurance; Z12; Local religious norms

We explore the impact of religious norms on the relationship between corporate social responsibility (CSR) and firm value. Employing a longitudinal sample of publicly listed U.S. firms, we document that strong local religious norms in the area surrounding firms’ headquarters attenuate the positive e...